Q1: Low Dose PC-Free Rese-cel Durable At 6-9mo, PC-Free SLE On Deck For EULAR

Research evidence excerpt

Q1: Low Dose PC-Free Rese-cel Durable At 6-9mo, PC-Free SLE On Deck For EULAR

Biotechnology

Cabaletta Bio

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 14, 2026

Price: $3.61 (05/14/2026) Q1: Low Dose PC-Free Rese-cel Durable At

Price Target: NA 6-9mo, PC-Free SLE On Deck For EULAR

BUY (1)

ESG SCORE: 72/100

Phil Nadeau, Ph.D. THE TD COWEN INSIGHT

646 562 1336

CABA ended Q1 with $117MM in cash and raised an add'l $150MM in May providing runway to

philip.nadeau@tdsecurities.com

mid:27. Today's data at ASGCT from PC-free low dose rese-cel demonstrate durable responses

Marc Frahm, Ph.D. in 50% of patients, and from Cellares product demonstrate manufacturing feasability, further

646 562 1394 differentiating rese-cel. At EULAR (June) CABA will present data from PC-free low dose rese-cel

marc.frahm@tdsecurities.com

in SLE. Remain Buy.

Ellen Horste, Ph.D.

646 562 1434 Our Take: ASGCT Data Suggest Rese-cel Is A Differentiated Cell Therapy In AID With PC-Free

ellen.horste@tdsecurities.com Dosing And Scalable Manufacturing

Key Data In two ASGCT presentations today, CABA demonstrates potentially the most differentiating

Symbol NASDAQ: CABA

aspects of rese-cel, namely 1) durable clinical efficacy without preconditioning (PC-free) and 2)

Beta: 3.17 scalable, automated manufacturing via Cellares' Cell Shuttle.

52-Week Range: $4.15-$1.33

As described in our prior note, PC-free rese-cel at the lowest dose (multiple higher doseMarket Cap: $588.6MM

cohorts currently enrolling) drove durable clinical responses in 2/4 PV patients through month

Net Debt (MM): $(106.5)

6-9, and all 4 patients demonstrated an initial clinical response. Importantly, depth/durability

Cash/Share: $(1.66)

of response was correlated with B cell depletion and reductions in autoantibodies, suggesting

Dil.